Core Viewpoint - The Trump administration needs to secure multiple deals with U.S. miners to diversify the supply chain and reduce dependence on China for rare earth minerals and uranium [1][2]. Industry Insights - Rare earths are essential for both military applications, such as the F-35 warplane, and consumer products like electric vehicles and smartphones [3]. - The U.S. is heavily reliant on China, which accounted for 70% of rare earth imports in 2023 [3]. Market Dynamics - China has manipulated the rare earth market by suppressing prices to eliminate Western competition [4]. - The recent MP Materials deal indicates a shift in U.S. policy towards a more strategic approach to critical minerals, moving away from pure free market ideals [4][5]. Investment Opportunities - Energy Fuels' stock has increased nearly 200% since the MP deal on July 10, indicating investor speculation about potential government deals [6]. - Other companies like NioCorp Developments, Ramaco Resources, and USA Rare Earth have also seen significant stock price increases, suggesting a growing interest in the sector [6]. Future Developments - MP Materials will require more heavy rare earths for its second facility focused on magnet production, which is crucial for high-temperature applications in electric vehicles and defense [7].

Industry Overview - The warehousing and self-storage market is projected to grow at a 7.5% compound annual growth rate (CAGR) from 2025 to 2029, with a market value of $798.45 billion in 2024, expected to reach $1.159 trillion by the end of the forecast period [2] - Key growth drivers include urbanization, population growth, and the rise of online shopping, leading to high demand for secure and flexible storage solutions [3] - The Asia-Pacific region is expected to lead the industry by 2025, with North America following closely [2] Market Challenges - Consumer awareness of self-storage services is low, with only 43% of the population familiar with them and just 8.7% actively considering using these services [3] - Customer satisfaction is high, but 39% of customers perceive pricing as expensive, indicating potential for new operators to address cost concerns [3] Technological Advancements - Warehouse and self-storage providers are investing in digital tools such as smart security and automation to enhance efficiency and improve customer experience [4] - The need for diversified storage and distribution hubs is highlighted by companies like Shein, which is leasing a warehouse in China to mitigate U.S.-China tariff risks [4] Investment Opportunities - A list of the 13 Best Warehouse and Self-Storage Stocks to Buy has been curated based on strong market capitalization and hedge fund sentiment [7] - The strategy of imitating top stock picks from hedge funds has shown significant outperformance, with a return of 373.4% since May 2014 [8] Company Highlights - **Americold Realty Trust, Inc. (NYSE:COLD)**: Recognized for its innovative cold-storage facility in Arkansas, which features advanced automated systems and sustainability measures [10][11] - **CubeSmart (NYSE:CUBE)**: Upgraded by Evercore ISI with a new price target of $48, citing attractive valuation metrics and potential housing market tailwinds [13][14] - **National Storage Affiliates Trust (NYSE:NSA)**: Received a price target increase from $31 to $32, indicating a recalibration of future cash flow expectations [15][16]

Core Viewpoint - Locksley Resources has engaged GreenMet to advance its Mojave Critical Minerals Project, aiming to align with U.S. government initiatives and secure funding opportunities [1][2]. Group 1: Partnership and Strategic Importance - The partnership with GreenMet is expected to enhance Locksley's access to U.S. government grants, loans, and offtake programs, which are crucial for accelerating the Mojave Project's development [2]. - The U.S. Department of Energy has announced funding opportunities totaling $1 billion for critical minerals, which further validates the Mojave Project's significance in defense, technology, and energy markets [2][3]. Group 2: Leadership and Expertise - GreenMet is led by Drew Horn, a former U.S. official with expertise in critical minerals strategy and experience in securing funding for projects addressing strategic vulnerabilities [4]. - The leadership team also includes Mark Green and Retired General David Barrett, who bring extensive experience and relationships within the U.S. national security community, positioning GreenMet to effectively guide Locksley's government engagement [5]. Group 3: Project Overview and Market Context - Locksley Resources is focused on critical minerals and base metals, with the Mojave Project targeting rare earth elements and antimony, located in California's Mojave Desert [7]. - The Mojave Project is strategically positioned to support U.S. objectives for critical mineral independence, especially in light of rising geopolitical tensions and the need to diversify supply chains away from China [7].

Core Viewpoint - Quantum Critical Metals Corp. has submitted an application to expand the Victory Antimony Property to 1,444 hectares, emphasizing its commitment to responsible exploration and securing domestic supply chains for critical minerals [1][5]. Company Overview - Quantum Critical Metals Corp. is a Canadian mineral exploration company focused on advancing critical metals projects, including the Victory Antimony Project in British Columbia and others in Québec [16]. Victory Antimony Project Details - The Victory Antimony project was initially discovered in 1988, with historical samples showing significant mineralization, including 11.8% arsenic and 1.24% antimony [3][5]. - The project is characterized as a hydrothermal hot spring deposit type, located within the Middle Jurassic Yakoun group [3]. Expansion Plans - Subject to approval, the company plans to develop access to the expanded property and conduct field programs for verification of historical showings and geological mapping [4]. Importance of Antimony - Antimony is recognized as a critical mineral, primarily used in flame retardants and various technologies, with a global market expected to grow at a CAGR of 5.5% from 2023 to 2030 [8]. - The U.S. Department of Defense has classified antimony as a critical mineral due to its significance in national security [10]. Supply Chain Concerns - China dominates global antimony production, accounting for over 70% of supply, which poses significant risks to industries reliant on this mineral [9]. - Recent geopolitical developments, including China's export bans on antimony, have heightened concerns over supply chain security for critical metals [13][14]. Recent Financial Activity - The company recently closed a private placement, raising $2,009,100.30 in gross proceeds, with associated finders' fees and broker warrants issued [11].

Company Overview - Locksley Resources Limited is an Australian-based explorer focused on critical minerals and base metals, with assets in both the United States and Australia [5] - The Mojave Project in California targets rare earth elements (REEs) and antimony, comprising more than 250 claims [5] - The North Block area of the Mojave Project is adjacent to claims held by MP Materials, the only operating rare earths mine in the U.S. [5] Recent Developments - The company announced an expanded geological and structural mapping program within the North Block of the Mojave Project, set to commence later this month [2] - The new mapping program aims to build on knowledge from a recent structural mapping program at the Desert Antimony Prospect and will include regional mapping for REE mineralization [2][4] - The program is expected to provide additional field data that may identify new REE targets for follow-up later in the year [4] Strategic Importance - The mapping target areas complement the established prospect at El Campo, which has high-grade rock chip results of up to 12.1% Total Rare Earth Oxides (TREO) and Neodymium/Praseodymium (Nd/Pr) ratios of up to 3.19% [3] - The recent strategic investments by the U.S. Department of Defense and Apple in MP Materials underscore the importance of critical minerals located within the U.S. [3] - The geopolitical urgency to diversify supply chains away from China enhances the strategic positioning of the Mojave Project in alignment with U.S. objectives for critical mineral independence and economic security [5] Future Plans - The company is planning focused magnetic, radiometric, and gravity surveys to provide high-resolution data sets for target refinement and prioritization [6] - Four priority areas will be mapped, with two focusing on REE potential within the North Block and two targeting extensions from mineralization identified at the Desert Antimony Prospect [6] - The North Block offers significant potential for further polymetallic discoveries across its underexplored 20 square kilometers, expanding the critical minerals footprint of the Mojave Project [6]

Financial Data and Key Metrics Changes - Revenue for the fiscal 2026 first quarter was $39.6 million, a slight decline from $40.9 million in the same quarter last year, primarily due to shipment delays [12] - Gross profit increased by 31.2% to $6.1 million from $4.6 million in the same quarter last year, with gross margin rising to 15.4% from 11.3% [12][13] - Operating income improved to $959,000 from an operating loss of $829,000 in the prior year quarter [13] - Net income for the fiscal 2026 first quarter was $324,000, recovering from a net loss of $1.4 million in the same quarter last year [14] - Cash and restricted cash totaled $7.5 million, with net working capital at $34.6 million [15] Business Line Data and Key Metrics Changes - The company successfully completed production of the first phase of a major order from a U.S.-based multinational retailer, indicating strong operational performance [5] - The expansion of manufacturing facilities in Amman was completed in June, with an estimated 15% increase in production capacity expected to contribute to performance starting in the second fiscal quarter [10][11] Market Data and Key Metrics Changes - The company is experiencing increased inquiries from global brands seeking to diversify their manufacturing away from Asia, particularly in light of the 15% U.S. tariff on products from Jordan [3][9] - Shipping logistics have improved significantly since mid-July 2025, allowing for more reliable shipping routes to support global customers [9] Company Strategy and Development Direction - The company is focused on diversifying its customer base and product mix to optimize production capacity and improve margins [10] - Future expansion plans are being evaluated, with a cautious approach due to geopolitical instability and tariff uncertainties [23][24] - The company aims to enhance operational efficiency while exploring larger-scale expansion plans for the coming year [16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about growing customer demand and the potential impacts of tariff changes and geopolitical instability [6] - The company is consulting with international tax experts to optimize its tax structure, which is currently affected by local taxes in Jordan and Hong Kong [14][36] Other Important Information - The company declared a quarterly regular dividend of $0.05 per share, payable on August 29, 2025 [17] - The company is booked through February 2026, with additional capacity expected to be gradually integrated [37] Q&A Session Summary Question: Are there now tariffs being paid for products from Jordan? - Yes, currently there is a 15% tariff [19] Question: Was there a sales shift from the first quarter into the second quarter? - Yes, a few orders were shifted to July, but it was not significant [21] Question: Can you provide details on longer-term expansion plans? - The company is planning a longer-term expansion but is cautious due to geopolitical uncertainties and tariffs, focusing on training new workers and expanding existing facilities for now [23][24] Question: Can you elaborate on the relationship with Hansel and order activity? - The company has secured two significant orders from Hansel, with ongoing discussions for further collaboration [28][29] Question: What is the effective tariff rate compared to other countries? - The current tariff for Jordan is 15%, which is competitive compared to other countries like Bangladesh and Vietnam [46][50] Question: How is the joint venture with Busana performing? - The joint venture has been terminated as the company can directly deal with customers [56]

Financial Data and Key Metrics Changes - The company reported a net loss of $39.7 million or $1.83 per diluted share for Q2 2025, compared to a net loss of $18.2 million or $0.85 per diluted share in Q2 2024, which included a noncash goodwill impairment charge of $33.2 million related to the U.S. segment [14][15] - Adjusted net loss for Q2 2025 was $10.9 million or $0.50 per diluted share, compared to $600,000 or $0.03 per diluted share in Q2 2024 [15][17] - Consolidated sales declined by 6.9% to $131.9 million, with U.S. segment sales decreasing by 8.6% to $119.3 million, while international segment sales increased by 12.4% to $12.6 million [18] Business Line Data and Key Metrics Changes - Major product line decreases were noted in home solutions and tableware, partially offset by increases in kitchenware driven by higher sales for cutlery and board products [18] - Adjusted EBITDA for the trailing twelve months ended June 30, 2025, was $50.7 million, indicating stable performance despite top-line declines [17][9] Market Data and Key Metrics Changes - International segment sales increased by 12.4% to $12.6 million, with a 6.6% increase when excluding foreign exchange fluctuations, predominantly in the UK and Continental Europe [18] - The U.S. segment gross margin increased to 39.1% from 38.7%, driven by a favorable product mix, while international gross margin decreased to 32.5% due to an unfavorable customer product mix [19] Company Strategy and Development Direction - The company is focused on mitigating tariff-related uncertainties by shifting manufacturing outside of China and diversifying sourcing across Southeast Asia [5][11] - The company is actively evaluating several attractive M&A opportunities due to increased unsolicited interest from industry players [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that the second quarter faced significant challenges due to macroeconomic headwinds and tariff-related disruptions, but expressed confidence in a stronger second half as pricing resets and shipments resume [12][13] - The company views the revenue impact from Q2 as not indicative of the rest of the year, expecting more normalized demand from retail customers [13] Other Important Information - Cash flow from operations exceeded $25 million year-to-date, with liquidity remaining strong at over $90 million [9] - The company has reduced net debt by $18 million year-to-date, with an adjusted EBITDA to net debt ratio of 3.5 times, an improvement from 3.6 times in March [22] Q&A Session Summary Question: Details on pricing versus unit volumes in Q2 - Management indicated that price increases were implemented uniformly across all channels, but these did not impact the second quarter [26][27] Question: Update on Dolly Parton products at Dollar General - Management noted that shipments to Dollar General were delayed due to tariffs, but the program continues to perform well and discussions for additional brands are ongoing [28][29] Question: Operating income or loss in the international segment and Project Concord update - Management acknowledged a write-off of some inventory impacting the international bottom line, with financial impacts expected to flow through in Q3 [30][31] Question: Reasons for increased distribution expenses - Management explained that increased distribution expenses were due to shipment delays and transitioning to a new warehouse management system [33][34] Question: Quantifying sales lost due to shipment stoppages - Management estimated over $30 million in sales were impacted, with some delays carrying over into the second half of the year [39][40] Question: Difficulty in providing guidance - Management cited a lack of clear visibility in the market and uncertainty regarding the impact of pricing increases on consumer behavior [41][42] Question: Timing of pricing hitting the shelves - Management expects pricing increases to start hitting shelves in Q3, with some products being more price-sensitive than others [46][47]

Financial Data and Key Metrics Changes - Total revenues for the second quarter reached a record $255.5 million, up 16.3% year over year, driven by strong organic growth in both single-family residential and multifamily commercial businesses [5][18] - Adjusted EBITDA for the quarter was $79.8 million, representing an adjusted EBITDA margin of 31.2%, an increase from $64.1 million or a 29.2% margin in the prior year quarter [18][19] - Gross profit increased to $114.3 million, with a gross margin of 44.7%, compared to a gross margin of 40.8% in the prior year quarter, reflecting a 400 basis point improvement [19][20] Business Line Data and Key Metrics Changes - Single-family residential revenues grew 14.5% year over year to a record $109.6 million, with a strong sequential growth of 29% in orders compared to the previous quarter [6][10] - Multifamily and commercial revenues increased 17.8% year over year to $145.9 million, capitalizing on demand for luxury mid to high-rise projects in Florida [6][11] - The backlog reached an all-time high of $1.2 billion, representing approximately 2.2 times the last twelve months (LTM) multifamily and commercial revenues [11][13] Market Data and Key Metrics Changes - The company reported a healthy book-to-bill ratio of 1.2 times, maintaining a ratio above 1.1 times for eighteen consecutive quarters [13] - The backlog composition is shifting towards high-end, large-sized projects that are less sensitive to interest rate changes, providing resilience against economic fluctuations [13][14] Company Strategy and Development Direction - The company is focused on geographic expansion and enhancing its product portfolio, including the introduction of a new vinyl product line [16][27] - The acquisition of Continental Glass Systems is expected to strengthen capabilities in high-end architectural glass and diversify production into the U.S. market [11][12] - The company aims to maintain operational excellence and industry-leading margins while navigating macroeconomic uncertainties [7][9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to grow faster than the market in 2025 and beyond, supported by a strong balance sheet and substantial cash position [9][24] - The company anticipates continued strong cash flow generation and has updated its full-year revenue guidance to a range of $980 million to $1.02 billion, reflecting approximately 12% growth at the midpoint [25][26] - Management noted that the market is expected to pick up again, particularly in the Florida region, despite typical seasonal slowdowns [52][54] Other Important Information - The company generated operating cash flow of $17.9 million in the second quarter, with total liquidity of approximately $310 million at quarter end [22] - Capital expenditures for the quarter were $32.5 million, including $15.1 million related to the Continental Glass Systems acquisition [22][26] Q&A Session Summary Question: Revenue pull forward impact - Management clarified that the $5 million to $7 million pull forward occurred before the announcement of price increases, with most of it expected to impact Q3 [30][31] Question: Manufacturing facility in the U.S. - Management is in the early stages of planning a fully automated plant in the U.S. and is optimistic about its potential [32] Question: Margin expectations for the second half - Management indicated that gross margins are expected to remain stable, with potential headwinds from increased commercial construction [38][41] Question: Pricing relative to competition - Management stated that pricing increases are in line with competitors, with a focus on residential projects [43] Question: July performance and new product lines - Management reported a strong July, marking the highest revenue month in the company's history, and provided updates on the new vinyl product line [48][49]

Financial Data and Key Metrics Changes - Overall net sales for Q2 2025 were $58.2 million, down 9% from $63.9 million in Q2 2024 [5] - Consolidated gross earnings were 43.3% of net sales compared to 43.9% in the previous year [5] - Earnings from operations were $3.9 million, down 42% from $6.7 million in Q2 2024 [6] - Net earnings totaled $2.3 million, down 60% from $5.6 million last year [6] - Diluted earnings per share were $0.24 in Q2 2025, compared to $0.59 in Q2 2024 [6] Business Line Data and Key Metrics Changes - North American wholesale segment net sales were $45.6 million, down 9% from $50.3 million last year [6] - Retail segment net sales were $6.8 million, down 11% from $7.6 million in 2024 [12] - Florsheim Australia net sales were $5.8 million, down 4% from $6.1 million in 2024 [14] - Retail gross earnings as a percentage of net sales were 66.6% in 2025 compared to 67.5% in 2024 [12] Market Data and Key Metrics Changes - The overall men's dress, dress casual, and basic casual markets are under pressure, with the traditional men's business being one of the first categories impacted in a slowing footwear market [20] - BOGS brand sales were down 14% compared to 2024 due to sluggish consumer demand in the outdoor category [21] - Retailer inventories for outdoor footwear are now very clean, indicating cautious inventory management [22] Company Strategy and Development Direction - The company is actively working to diversify its supply chain away from reliance on China, which previously accounted for 75% of its factory base [18] - The focus is on maintaining quality and value across all brands while adapting to the evolving tariff environment [19] - The company aims to grow its wholesale business in Australia and South Africa while managing retail operations carefully [54][58] Management's Comments on Operating Environment and Future Outlook - Management noted that consumer sentiment is cautious due to affordability issues and uncertainty around tariffs, leading to reduced discretionary spending [17] - The expectation is that the challenging environment will persist through the second half of the year [21] - The company is optimistic about new product introductions and expanding its product line to be less dependent on cold weather demand [21] Other Important Information - The consolidated effective tax rate was 51.1% for the quarter, up from 25.1% in the previous year due to a valuation allowance on deferred tax assets [15] - Cash and marketable securities totaled $83.8 million with no debt outstanding on the revolving line of credit [15] - The Board of Directors declared a cash dividend of $0.27 per share, payable on September 30, 2025 [16] Q&A Session Summary Question: Can you quantify the change in inventory due to pre-purchasing? - Management indicated that inventory levels are returning to normal, expected to be in the $70 to $75 million range, but the dollar value may increase due to tariffs [31][32] Question: What is the approach if warning flags arise regarding wholesale customers' creditworthiness? - Management stated they monitor the situation closely and aim to work with retailers while being realistic about market changes [50] Question: What is the strategic importance of Florsheim Australia? - Management emphasized the long-standing presence in Australia, the dominance in the market, and the potential for profitability through careful management of retail and wholesale operations [52][54]

Financial Data and Key Metrics Changes - The company reported consolidated net sales of $1,100,000,000 for Q2 2025, representing a 5% increase year over year [27] - Adjusted EBITDA for the quarter was $121,000,000, or 11% of net sales [33] - GAAP net income for Q2 was $58,000,000, or $2.29 per diluted share, compared to $61,000,000, or $2.40 per diluted share in the prior year [32] - Gross margins decreased to 24.4% from 25.3% year over year, primarily due to executive separation costs and changes in product mix [30] Business Line Data and Key Metrics Changes - RV OEM net sales totaled $840,000,000, up 5% from the same period in 2024, driven by market share gains [27] - Aftermarket net sales were $268,000,000, an increase of 4% year over year, primarily due to product innovations and expanding relationships [30][12] - Adjacent Industries OEM net sales increased by 10% year over year to $336,000,000, largely due to recent acquisitions [29] Market Data and Key Metrics Changes - North American RV sales were up 5%, while overall RV sales increased by 3% year over year [9] - The marine market experienced a 15% decline in sales due to inflation and high interest rates affecting retail demand [30] - The company expects North American RV wholesale shipments for 2025 to be between 320,000 and 350,000 units [24] Company Strategy and Development Direction - The company aims to achieve an organic revenue target of $5,000,000,000 by 2027, supported by strategic acquisitions and product innovations [4][38] - A focus on reducing raw material exposure and diversifying the supply chain is emphasized, with a goal to reduce China exposure from 24% in 2024 to 10% by 2025 [7] - The company is committed to facility consolidation and cost reduction initiatives, targeting an 85 basis point overhead reduction for 2025 [8] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the retail environment, noting that while inflation and tariff uncertainties persist, there are signs of stabilization in demand [23] - The company anticipates a slow and steady recovery in inventory levels once demand improves, particularly in the RV sector [45] - Management remains confident in their ability to align cost structures and capital deployment with market conditions [24] Other Important Information - The company executed a $300,000,000 share repurchase program, returning $187,000,000 to shareholders year to date through dividends and repurchases [34] - The company is focused on maintaining a strong financial foundation while pursuing strategic acquisitions and investments in innovation [19] Q&A Session Summary Question: What is the current state of dealer inventories in RV and marine markets? - Management noted that dealers remain cautious, leading to significant destocking, and expect a slow and gradual rise in inventory levels once demand improves [43][45] Question: What is the expected impact of tariffs on margins? - The tariff impact increased from 180 basis points to 290 basis points due to a rise in tariffs from 20% to 30%, but management is confident in their mitigation strategies [57][58] Question: How is the company addressing the shift towards single axle trailers? - Management indicated that while single axle trailers have increased in market share, they expect a return to larger multi-axle units as consumer preferences evolve [64][70] Question: What is the outlook for retail demand and production volumes? - Management expects retail demand to stabilize, with wholesale and retail being similar this year, but anticipates a soft fourth quarter due to seasonal trends [96][98]